Global Lubricants Market Size

The lubricants market in ASEAN, GCC, Africa, and India was valued at $22.94 billion in 2017 and is predicted to reach $29.53 billion by the end of the assessment period, growing at a rate of 4.30%. In terms of volume, it was 8,115.8 KT in 2017 and is estimated to grow at 3.53% during the forecast period. Many factors are influencing this market, including the growing industrial sector in emerging economies and the increasing recognition of the benefits of synthetic oils for the environment and performance.

Various industries like paper & mill, metal forming, foundry, mining, quarrying, energy, plastics, food & beverages, and machining are using more lubricants, contributing to the market's revenue. The automobile industry has a big impact too, especially due to the increased demand for automobiles in regions like ASEAN and India. Their growing GDP has pushed up the demand for cars, which in turn has increased the need for lubricants. Government policies, like tax benefits and incentives, are also attracting automobile companies to set up their manufacturing hubs in these regions, boosting the lubricants market further.

The energy industry is expected to be a significant driver for lubricant demand, valued at $5.54 billion in 2017 and likely to grow at 4.64% during the assessment period. The chemical manufacturing industry is expected to have the highest growth rate at 5.62%.

The market is divided by base oil type, application, end-use industry, and region. Base oil types include mineral oil, synthetic oil, and bio-based oil. Mineral oil was the largest segment in 2017 and is expected to grow at 4.20%. The bio-based base oil segment is likely to grow the most due to its increasing popularity. Mineral oil's lower cost and easy production are major factors driving its growth. Applications are divided into automotive lubricants and industrial lubricants. Automotive lubricants had a significant share in 2017 and are expected to maintain this trend. Within automotive lubricants, segments like engine oil, gear oil, transmission fluids, brake oil, coolants, and greases are contributing. Gear oil is projected to grow the most at 4.95%.

Geographically, the Indian lubricant market is expected to grow the fastest during the forecast period, followed by the ASEAN region. The automobile industry's growth plays a significant role here. Additionally, the increased use of agricultural equipment, mainly in the African region, is expected to contribute significantly to market growth. Egypt had the highest share in value in 2017 and is expected to maintain this pace during the forecast period.